Saudi Arabia and Spain strengthen collaboration in urban infrastructure and renewable energy sector

Saudi-Spanish collaboration is set to flourish in the fields of urban infrastructure development, renewable energy, and engineering technology after a high-level meeting in Madrid.

During a three-day visit from April 15-17, Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail, met with executives from leading Spanish companies to explore collaboration opportunities.

The tour is part of the Kingdom’s broader initiative to foster international partnerships that enhance its urban and infrastructure capabilities, the Saudi Press Agency reported.

Al-Hogail’s engagements included a discussion with Pablo Bueno, CEO of TYPSA, focusing on potential collaboration in the fields of infrastructure solutions, energy efficiency, and sustainable urban development.

They discussed activating a circular economy in buildings and infrastructure and creating new asset management platforms and engineering value solutions.

Additionally, the minister met with José Vicente, CEO of Indra, one of the leading engineering technology and consulting firms, to discuss digital transformation in municipal services.

This collaboration aims to enhance the quality of services provided to Saudi citizens and residents and foster innovation.

Al-Hogail also held a meeting with Pedro Fernandez Alen, president of the National Construction Confederation, to discuss collaboration opportunities and share insights on Vision 2030’s strategic objectives for the housing sector. The discussions highlighted the significant Spanish investments in Saudi Arabia, which exceed $3 billion, with a substantial portion directed toward real estate ventures.

The minister underscored the robust growth in Saudi Arabia’s housing sector, noting the provision of housing solutions for 1.5 million families over the past five years. He highlighted the delivery of approximately half a million housing units and the launch of major residential developments. With plans to add more than 300,000 housing units by 2025 and aiming for nearly one million units by 2030, these efforts are set to further boost the Kingdom’s attractiveness for domestic and international investments.

Al-Hogail also pointed out the significant contribution of the real estate sector to the Kingdom’s non-oil gross domestic product, which reached 12.2 percent, while the construction and building sector contributed 11.3 percent by the third quarter of 2023.

Concluding his visit, Al-Hogail will preside over the Saudi-Spanish Business Forum, organized by the Council of Saudi Chambers and Saudi-Spanish Business Council.